SFR reports 11.3% drop in revenues to EUR5.1bn

29 Aug 2013

French media group Vivendi has published its financial results for the first half of 2013, reporting consolidated revenues of EUR10.842 billion (USD14.43 billion), a marginal decrease of 1.5% compared to EUR11.008 billion in 1H12. Adjusted net profit, however, dropped by 25% year-on-year to EUR845 million from EUR1.127 billion in 1H12, mainly attributed to the decrease in EBITDA, which was down 27% to EUR1.391 billion. The decline in EBITDA was caused by the struggles faced by its SFR mobile division, which was caught up in a fierce price war with its market competitors. In the period under review, SFR’s revenues amounted to EUR5.108 billion, an 11.3% decrease year-on-year, mainly attributed to the impact of price cuts due to the competitive environment. SFR’s EBITDA also decreased by 20.5% to EUR1.47 billion in 1H13.

In operational terms, SFR’s total mobile customer base reached 21.049 million subscribers by 30 June 2013, with a total of 17.372 million post-paid subscribers at that date, corresponding to 809,000 net additions in the first half of 2013. Mobile internet usage also improved, with 55% of SFR customers equipped with a smartphone at end-June 2013, compared to 46% a year earlier. The number of fixed broadband accesses reached 5.164 million at the end of June 2013, with 89,000 net additions during the first six months of the year.

France, SFR, Vivendi